FPA and Cbus agree to ongoing advice referral arrangement
The referral arrangement struck between the Construction and Building Industry Superannuation Fund (Cbus) and the Financial Planning Association (FPA) will move onto a permanent footing after the two groups agreed to a national referral program starting from 1 September 2014.
The program was initially announced in October last year as a trial among selected FPA member practices in Queensland, South Australia, Tasmania and the Northern Territory who offered financial planning advice to eligible members of the industry superannuation fund.
Planners operating under the referral program were required to be Certified Financial Planners (CFP) operating within an FPA Professional Practice and had to add Cbus to their approved product lists.
During the trial 23 professional practices were selected to provide advice and this number would likely be increased as the arrangement becomes permanent and offered nation-wide.
FPA chief executive Mark Rantall said the permanent referral arrangement would connect more people with CFP level advice and pointed to a future advice model in which planners collaborated with member-based organisations to provide advice.
Rantall said the FPA acknowledged the efforts of Cbus and its board in moving from the trial to an ongoing arrangement while Cbus chief executive David Atkin said the arrangement was "a sound and proven initiative that represents ongoing value and benefits for our members".
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